Welcome to our dedicated page for Cto Realty Growth news (Ticker: CTO), a resource for investors and traders seeking the latest updates and insights on Cto Realty Growth stock.
CTO Realty Growth Inc (NYSE: CTO) operates as a diversified real estate investment trust with a national portfolio of income-generating properties. This page serves as the definitive source for official company announcements, financial disclosures, and strategic developments.
Investors and analysts will find curated access to earnings reports, acquisition announcements, management updates, and operational milestones. Our news collection provides timestamped records of all press releases alongside third-party analysis for comprehensive due diligence.
Key updates include quarterly financial results, property portfolio expansions, leadership changes, and market positioning strategies. All content is sourced directly from company filings or reputable financial publications to ensure accuracy.
Bookmark this page for streamlined tracking of CTO's performance within the commercial real estate sector. Combine our news archive with SEC filings and investor relations materials for complete market analysis.
CTO Realty Growth (NYSE American: CTO) announced the completion of three land sales totaling approximately 3,110 acres, generating around $42 million. The largest transaction involved the sale of about 3,015 acres for $40.9 million to SITEX Properties USA. The company plans to distribute approximately $40.8 million to its joint venture partner, bringing total distributions to about $61.4 million within the first year. Currently, 282 acres remain under contract for potential future sales, with an estimated value of $30.9 million.
CTO Realty Growth (NYSE: CTO) announced that Mark E. Patten, the Chief Financial Officer, will leave the company to join another publicly traded REIT. He will assist with the transition until the completion of the second-quarter reporting for 2020. CEO John P. Albright praised Patten's contributions over the last eight years, particularly his role in a $97 million land joint venture and the launch of Alpine Income Property Trust. The company has started searching for a new CFO while relying on their strong accounting team led by Lisa Vorakoun.
CTO Realty Growth (NYSE: CTO) has successfully closed the sale of two properties yielding a combined estimated gain of $3.8 million, equating to $0.62 per share after tax. The properties sold include a $2.4 million 7-Eleven in Dallas, Texas, with a cap rate of 6.08%, and a $9.0 million Bank of America ground lease in Monterey, California, with a cap rate of 3.28%. Proceeds will contribute to over $27 million in 1031 restricted cash accounts, with the potential for reinvestment at accretive returns. Year-to-date, the company has generated approximately $39 million from five property sales.
CTO Realty Growth (NYSE: CTO) announced the sale of its Chase Bank ground lease in Jacksonville, Florida, for approximately $6.7 million, yielding an exit cap rate of around 4.15%. The estimated gain from this transaction is $1.9 million or $0.31 per share after tax. This sale is part of a future Section 1031 like-kind exchange, increasing the company's restricted cash to over $16 million. So far this year, CTO has completed sales of three properties, generating nearly $28 million in proceeds.
CTO Realty Growth (CTO) announced the sale of four commercial loan investments for approximately $20 million, incurring a loss of about $344,000 or $0.06 per share after tax. Additionally, the company repurchased $5 million of its 2025 convertible notes, achieving a discount of $950,000 and a gain on extinguishment of $362,000 or $0.06 per share after tax. Currently, CTO holds around $44 million in unrestricted cash and $10 million in restricted cash, strengthening its liquidity amidst the economic instability caused by COVID-19.
Consolidated-Tomoka Land Co. has officially changed its name to CTO Realty Growth, Inc. as approved by shareholders on April 29, 2020. This change is effective immediately as of May 11, 2020, and includes all relevant filings with the SEC and NYSE. CEO John P. Albright expressed gratitude for the name change, believing it aligns with the company's future while honoring its 110-year history. CTO Realty Growth, Inc. operates in the real estate sector, owning around 2.3 million square feet of income properties and holding a 22% interest in Alpine Income Property Trust, Inc. (NYSE: PINE).
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